As part of CMA’s responsibility to protect citizens and investors form illegal practices, fraud or manipulation and its work to achieve justice, efficiency and transparency in securities business and its responsibility to investigate any violations of the Capital Market Law and its Implementing Regulations, CMA has noticed lately some irregular trading activity on Tihama Advertising & Public Relations Co. , Tourism Enterprise Co. (shams) and the Saudi Indian Company for Co- operative Insurance (WAFA)’s shares which was suspected to be a violation of the rules and regulations.
CMA Board has issued its resolution to require immediate discloser of any substantial developments from the companies mentioned above and to announce it to the public as it is required in the Listing Rules. The Board also asked the related departments in CMA to investigate this issue and apply the related rules and sanctions.
In this regard, CMA wishes to emphasize to traders and investors the importance of the provisions of the Capital Market Law and its Implementing Regulations and especially the Market Conduct Regulations.